Finance Minister Choi Kyung-hwan said Friday that once it is approved in parliament, the government’s budget plan for next year will have the effect of raising the nation's economic growth rate by seven-tenths of a percentage point. 
 
Choi made the projection during a meeting on financial strategy held at the government complex in Seoul.
 
He said the budget plan for 2016, which is being deliberated at the National Assembly, is composed of key projects that aim to support economic recovery and resuscitate people’s livelihoods.
 
Choi stressed the need for parliament to pass the budget plan before the December 2 deadline so that it can lead efforts to breathe new life into the economy and create jobs for young adults.
 
The minister then said the government will make thorough preparations to maximize the budget plan’s effects by promptly executing the plan at the beginning of 2016.
 
He also underlined the need to swiftly pass bills related to labor reform and resuscitating the economy as well as of a motion seeking the ratification of the South Korea-China free trade agreement. He said such bills need to be passed within the current regular session in order to continue the momentum in economic recovery.